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Quarterly Activities Report – 31 Dec ember 2009
Way Linggo Gold Project (85% KRM)
- On target to commission plant in April 2010.
- Encouraging signs from exploration activities.
- Ore development Face channel sampling results on the North Vein ore bodies return:
- 62 metres grading 34.2 g Au/t and 452 g Ag/t
- 57 metres grading 27.0 g Au/t and 369 g Ag/t
- 62 metres grading 21.1 g Au/t and 330 g Ag/t
- 8,650 tonnes at 21.9 g/t gold and 293 g/t silver already stockpiled on the surface.
Comet Vale Gold Project (Production JV)
- Production exceeded budgeted rate.
- Mining of Sand George Level 4 block stope completed.
- ROM stockpile for Campaign 11 was 12,114 tonnes @ 12.4g/t Au. Milling planned for early February 2010.
Corporate
- Kingsrose reached in principle agreement with the regional government of Sardinia, Italy, to commence work on multiple Zinc-Lead tailings deposits containing a target of between 70 - 90 million tonnes of material accumulated from over 200+ years of mining.
- Cash Closing Balance at December-end was AUD $7million.
- 50,000 unlisted options exercised.
- 22,300,000 ordinary shares and 5,000,000 unlisted options released from Escrow.
Post quarter end:
- Kingsrose raises A$8,520,000 (net).
Boardroom Radio Interview
You can listen to the interview here...
Placement for Working Capital
Kingsrose Mining Ltd is pleased to announce that it has placed 15,000,000 fully paid ordinary shares at 60 cents per share raising a net amount of A$8,520,000.
The proceeds are intended to be applied towards:
- Additional exploration and review of the recently acquired zinc/lead tailings deposits in Sardinia.
- Further exploration work at its Way Linggo gold/silver project in Indonesia.
- Funding general working capital.
Massive Zinc-Lead Tailings Project
The Company will begin pre-feasibility work on a potentially very large scale Tailings Retreatment Project in one of the largest historic mining districts in Europe after reaching an in principle agreement with the regional government of Sardinia, Italy.
The multiple Zinc-Lead tailings deposits contain a target of between 70-90 million tonnes of material accumulated from over 200+ years of mining.
Quarterly Activities Report - 30 September 2009
Way Linggo
Underground mine development and plant construction activities progressed.
Diamond drilling exploration programme underway with 3 rigs on site.
Underground development face channel sampling results along trend of the North Vein ore bodies include:
- 112 metres grading 20.4 g Au/t and 305 g Ag/t
- 90 metres grading 33.5 g Au/t and 414 g Ag/t
- 43.8 m grading 27.5 g Au/t and 393 g Ag/t
6,482 tonnes of ore grading 20.6 g Au/t and 274 g Ag/t already stockpiled on the surface.
Comet Vale
Grade control sampling for Level 4 Hanging Wall Block 1 stope has returned an average mined grade (including dilution) of 17.0 g/t.
115 m of sub-level development was completed on Level 4 Sand George Foot Wall lode. Grade control sampling of the sub level has returned an average mined grade (including dilution) of 9.2g Au/t.
8,086 tonnes of ore grading 12.7 g Au/t stockpiled on the ROM pad ready for treatment.
Notice of AGM
The Annual General Meeting of Kingsrose Mining Ltd will be held at:
The Perth Convention Exhibition Centre
21 Mounts Bay Road
Perth, Western Australia 6000
on Thursday, 26 November at 10.30am Western Standard Time.
Annual Report 2009
Kingsrose to exit Comet Vale JV on favourable terms
Reed Resources will pay Kingsrose A$1M by October 31, 2009.
Kingsrose will continue to earn gold production, as per the current arrangement, from now until May 31, 2010.
Kingsrose will receive A$1M in cash in exchange for its mining equipment by June 30, 2010.
Kingsrose will receive A$2M equivalent in Reed Resources Ltd shares by June 3, 2010.
Southern Cross Equities initiates coverage with a "Buy"
Epithermal gold production with exploration upside
Recommendation: Buy
"KRM is bringing into production its high grade Way Linggo underground gold mine in Sumatra, Indonesia. Starting small scale, the regional epithermal setting offers excellent potential for further discovery and growth. We initiate coverage with a Buy recommendation and target price of $0.77."
Quarterly Report
Way Linggo Gold Project
Underground development Face channel sampling results include:
- 104 metres grading 20.6 g Au/t and 323 g Ag/t
- 42 metres grading 22.2 g Au/t and 262 g Ag/t
- 14.4 metres grading 32.3 g Au/t and 225 g Ag/t
- 39.4 metres grading 15.5 g Au/t and 289 g Ag/t
4,075 tonnes of ore grading 18 g Au/t and 245 g Ag/t already stockpiled on the surface.
Comet Vale
Grade control sampling of Sand George Hanging wall Block 1 stope indicates average grade of 18.2 g Au/t.
3,197 tonnes of ore grading 12.5 g Au/t stockpiled on the ROM pad ready for treatment.
Corporate
100 million ordinary shares issued at $0.20 per share raising $19 million (net).
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